Hearing Beyond Meat target raised pre-market to $117 at Bernstein
Bernstein raises their BYND tgt to $117 from $106. Analyst Alexia Howard added, "We previously estimated that Beyond Meat could generate $168m sales from a McDonald's partnership in the U.S. through a top-down approach. By taking a bottom-up approach, we assume 45-55 patties/store/day at $1.0-1.1 per patty, which is higher than the ~28 Impossible Whoppers sold at Burger King per store per day given MCD's greater scale and substantially higher sales velocity. On this basis, we estimate that BYND could generate $227-306m incremental sales from a potential MCD rollout in the U.S."